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Joint Excess Loss Committee – 21 January 2025

The committee reviewed JSC’s suggested wording for digital assets, focusing on coverage for storage media, private keys and authentication credentials. Members agreed cover should not extend to assets without human involvement. Challenges around aggregate limits, disaster recovery and mass aggregation were discussed. The group noted concerns about the complexity of digital asset clauses and decided a separate clause would be clearer. Updates on cyber coverage and claims were provided, including the delayed aviation war case. Members also discussed feedback on JELC’s cyber clause and responded to the Lloyd’s Conduct consultation. The meeting concluded with agreement on next steps for clause development.